Forex

I dont know if this is the right section but...
Can someone explain to me what ForEx is? i looked at site but is clueless...

 

http://en.wikipedia.org/wiki/Foreign_exchange_market

 

A good way to lose your shirt in less than a minute.

 

How do you make money via Forex

 

like any other trade:
you at 1 and sale at 2
or u first sale at 2 and then buy it at 1

 

Hmm so its like stock market?

 

I think forex more profitable than AdSense

 

You don't. This is a game for big boys and financial institution. The move in currencies are very small and in order to make money on daily bases, you have to trade in large volumes. Your capital is only security for the trade but this also means that if the currency moves in wrong direction, it wipes out your capital or the security for the trade very fast and if you can not come up with more security, they will close the trade and you have lost your money.

 

woah.. sounds like a rip to me

 

It is not a rip. You can win or lose big. It is a game for professional financiers (another name for gamblers ) that have enough resources to lose big and survive to play the next day. It is too dangerous and volatile for individuals.

 

lol, Too bad I don't have money to burn!

 

Sounds so easy when you go to forex sites and they explain the big bucks in huge fonts, but the drawbacks are either in small fonts, or in an inner page you have to hunt down.

You basically bet that say the usd will go up (or down) in relation to the yen.
Or any two other currencies.

Banks, mortgage companies and so forth do the big trades, as they keep better track of the currencies of the world.

 

Forex is the market to trade currencies in.

 

It's not a rip and not necessarily just for big institutions, but you would need to learn the fundamentals of economics and some basic trading strategies to be successful. You can look at forums like Elite Trader and Moneytec to see some discussions from people involved in trading it.

Inexperienced traders who try to use the markets like a roulette wheel almost always end up losing everything. On the other hand, there are plenty of stories of individuals who did their homework, developed a trading strategy, and were able to generate some income in the Forex or futures markets.

From a web marketing standpoint, Forex seems to be a popular nice to target since I imagine their advertisers pay pretty well.

 

I agree with you here DT. Forex is definitely not a rip, but you've got to know what you're doing. Because of the ease of entry and the lure of big leverage, most people jump in and blow through an account quickly. You can make quick, easy money, but you will most likely lose it just as fast playing it like that.

I've been trading FX for about a year and have done alright, up about 50%, but I've done it with a very conservative approach..and I still have a lot to learn.

Your best bet is to head over to the forums on forexfactory.com and read up for a few days, then head over to babypips.com and read a bunch more. Then, start up a demo account with an fx house (I use Oanda.com) and practice for a few months. Just don't think your success there will translate that well to a real account as the psychology of trading is more or less missing without real money. After a few months of this routine you'll probably know if it's something you want to pursue. Just don't quit your day job...

 

Forex is something you definetely need to know what you are doing first or you can definitely lose a lot real fast. I have not heard of anyon that made it rich from Forex trading except from scam infomercials and such. Check with the FTC and they will tell you that it is something you should really think about first.

Micah

 

Forex can be really profitable if you do it right. We did a demo with it and a test account for one of my economics classes, it's an interesting platform if you have the time to invest into it.

 

If you know what you're doing it is an excellent opportunity.

 

It's funny this thread resurfaced since everyone is excited today about FOREX being the hot new AdSense word Oh the irony...

 

Its something like the stock market only here your trading one currency for anothr instead of company stocks. The great thing is as mentioned the high volatility meaning you can make really big bucks in a very short time and equally you can break your neck and lose it all in the blink of an eye.

If you learn to trade, be consistent and understand how the market works your in for some good money, you don't have to be an expert you just have to have the desire to learn